Given below are the account balances for Coastal Enterprises: . . • Gross sales, $128,500 Sales returns and allowances, $7,800 Selling expenses, $16,200 Cost of goods sold, $64,300 Interest expense, $4,100 How much is the gross profit margin?

Given below are the account balances for Coastal Enterprises: . . • Gross sales, $128,500 Sales returns and allowances, $7,800 Selling expenses, $16,200 Cost of goods sold, $64,300 Interest expense, $4,100 How much is the gross profit margin?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Question

100%

I am looking for the correct answer to this financial accounting question with appropriate explanations.

Given below are the account balances for Coastal
Enterprises:
.
.
•
Gross sales, $128,500
Sales returns and allowances, $7,800
Selling expenses, $16,200
Cost of goods sold, $64,300
Interest expense, $4,100 How much is the gross profit
margin?

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